Last week, I was in a super tough spot - I suddenly needed ₱10,000 because my lola was rushed to the hospital and I had to pay for her medication. I didn't have enough savings, so I thought of getting a loan from a local lender, but they rejected my application due to my limited credit history. I was worried and stressed, not knowing where to turn to.
I tried applying for a loan from a commercial bank, but their interest rates were too high - they were offering 7.5% per annum, which would mean I'd have to pay around ₱1,200 per month for 3 years, aside from the ₱10,000 I borrowed. I was frustrated, feeling like I was being taken advantage of. I didn't know what to do, and I was starting to lose hope.
A few days ago, I was talking to a friend who recently got approved for a housing loan, and she told me about the Pag-IBIG Fund's new specialized housing loan program for low-income Filipinos. She said it had lower interest rates and longer payment terms, making it more accessible to people like us. I was intrigued, so I started searching online for more information. I found this while searching online, and it led me to https://www.creditkaagapay.com/, which had a lot of helpful articles and resources about the program.
I stumbled upon an article on https://www.creditkaagapay.com/blog/pag-ibig-housing-program-what-it-means-for-filipino-borrowers/, which explained the program in detail. According to the article, the program offers interest rates as low as 2.5% per annum, and payment terms of up to 30 years. I was amazed - this could be my ticket to finally owning a home.
I decided to apply for the program, and after gathering all the necessary documents, I submitted my application. I was anxious, waiting for the result, but I tried to stay positive. And then, yesterday, I received an email saying I got approved for a ₱500,000 loan with an interest rate of 2.5% per annum, and a payment term of 20 years. I was relieved and happy - this is a game-changer for me.
I'm still in shock, to be honest, but I'm also grateful for the opportunity. I realized that having a good credit score and being prepared are key to getting approved for a loan. I'm sharing my story in case it helps someone who's going through a similar situation. Just remember to do your research, and don't be afraid to ask for help. And if you're thinking of applying for a loan, make sure to check your credit score first - it's free, and it can make a big difference in your application.
Just sharing in case this helps someone.
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